Toronto Dominion Bank Has $27.74 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Toronto Dominion Bank raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 357,634 shares of the software maker's stock after purchasing an additional 7,769 shares during the quarter. Toronto Dominion Bank's holdings in Fortinet were worth $27,735,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of FTNT. Apollon Wealth Management LLC boosted its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock valued at $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Forsta AP Fonden lifted its stake in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock valued at $10,508,000 after purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP boosted its position in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker's stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Fortinet in the third quarter valued at about $10,343,000. Finally, Empower Advisory Group LLC lifted its stake in Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker's stock valued at $78,188,000 after buying an additional 40,277 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 355 shares of the stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company's stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,745 shares of company stock worth $5,746,974. Company insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several analyst reports. Stifel Nicolaus boosted their target price on Fortinet from $84.00 to $90.00 and gave the stock a "hold" rating in a research report on Tuesday, November 19th. Hsbc Global Res upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Citigroup increased their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a "neutral" rating in a report on Friday, September 13th. Scotiabank boosted their price target on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector outperform" rating in a report on Wednesday, November 20th. Finally, Royal Bank of Canada raised their price objective on Fortinet from $82.00 to $97.00 and gave the stock a "sector perform" rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $88.93.

Fortinet Stock Performance

NASDAQ:FTNT traded up $0.56 on Thursday, hitting $98.60. The company's stock had a trading volume of 2,859,186 shares, compared to its average volume of 5,427,432. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a one year low of $54.57 and a one year high of $100.59. The stock has a fifty day moving average of $87.98 and a two-hundred day moving average of $73.80. The firm has a market capitalization of $75.57 billion, a P/E ratio of 49.80, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.